Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 are presented in the table below:


(in Millions)	Total
Balance, December 31, 2018	$	1,468.1

Foreign currency and other adjustments	(0.6)

Balance, December 31, 2019	$	1,467.5


Foreign currency and other adjustments	1.4
Balance, December 31, 2020	$	1,468.9

Our fiscal year 2020 annual goodwill and indefinite life impairment test was performed during the third quarter ended September 30, 2020. We determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value. There were no events or circumstances indicating that goodwill might be impaired as of December 31, 2020. Additionally, the estimated fair values also substantially exceeded the carrying value for each of our indefinite-lived intangible assets.

Our intangible assets, other than goodwill, consist of the following:


		December 31, 2020						December 31, 2019
(in Millions)	Weighted avg. useful life remaining at December 31, 2020	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets subject to amortization (finite life)
Customer relationships	16 years	$	1,169.4	$	(249.7)	$	919.7	$	1,139.7	$	(184.7)	$	955.0
Patents	5 years	1.9		(1.2)		0.7		1.7		(0.9)		0.8
Brands (1)	8 years	18.3		(8.9)		9.4		16.7		(6.7)		10.0
Purchased and licensed technologies	9 years	61.1		(38.1)		23.0		60.2		(35.2)		25.0
Other intangibles	< 1 year	3.4		(2.6)		0.8		1.9		(1.8)		0.1
		$	1,254.1	$	(300.5)	$	953.6	$	1,220.2	$	(229.3)	$	990.9


Intangible assets not subject to amortization (indefinite life)
Crop Protection Brands (2)	$	1,259.1			$	1,259.1	$	1,259.1			$	1,259.1
Brands (1)	412.5				412.5		379.0				379.0

	$	1,671.6			$	1,671.6	$	1,638.1			$	1,638.1
Total intangible assets	$	2,925.7	$	(300.5)	$	2,625.2	$	2,858.3	$	(229.3)	$	2,629.0

____________________

(1) Represents trademarks, trade names and know-how.

(2) Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.


	Year Ended December 31,
(in Millions)	2020		2019		2018
Amortization expense	$	61.9	$	62.6	$	62.2

The estimated pre-tax amortization expense for each of the five years ending December 31, 2021 to 2025 is $64.1 million, $64.1 million, $63.7 million, $62.2 million, and $61.7 million, respectively.